Thoratec calls convertibles due 2034; notes convertible until May 16

By Toni Weeks

San Diego, March 31 - Thoratec Corp. has issued a call to redeem its senior subordinated convertible notes due 2034 on May 17, according to a press release.

Holders of the notes can convert their notes on or before May 16 at a conversion rate of 29.4652 shares of common stock per $1,000 principal amount of notes surrendered. As of March 30, there were 243,382 notes outstanding, which can be converted into 7.2 million shares of common stock. Notes surrendered for conversion may be settled in a combination of cash and stock.

"We are likely to utilize a meaningful percentage of cash in exchange for the notes, with exact payment terms to be determined and communicated closer to the redemption date," David V. Smith, executive vice president and chief financial officer, said in the release.

U.S. Bank NA, the trustee for the notes, is mailing a notice of redemption to all registered holders. Copies may be obtained by calling the bank (800 934-6802).

Pleasanton, Calif.-based Thoratec designs device-based mechanical circulatory support therapies to address advanced-stage heart failure.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.